secunet Security Networks AG / Final Results/Quarter Results
16.07.2010 08:02
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[Essen, 16 July 2010] secunet Security Networks AG is publishing its
corrected and updated 2009 Annual Report and 3-Month Report 2010 today. The
secunet Group increased its revenue by 19% year-on-year to Euro 13.3m in
the first three months of 2010, thereby generating positive earnings before
interest and tax. The company's order book remained at a high level. The
Management Board has therefore reaffirmed its forecast for the 2010
financial year.
The financial statements of secunet Security Networks AG and the secunet
Group for the 2009 financial year have been amended due to a correction
needed at the Czech subsidiary secunet s.r.o. After the company published
the 2009 Annual Report with the Annual and Consolidated Financial
Statements as at 31 December 2009 on 19 March 2010, it found that it needed
to make corrections in respect of its Czech subsidiary secunet s.r.o.,
Prague, mainly relating to receivables and assets. The Management Board
responded by immediately replacing the management of secunet s.r.o. and
launching a full and comprehensive investigation into the circumstances,
effects and consequences of the situation.
As a result of this detailed investigation, the company found that the
actual asset and earnings position of secunet s.r.o. was significantly
worse than described in the audited and certified Separate Financial
Statements of secunet s.r.o. as at 31 December 2009. This in turn led to an
impairment of around Euro 502,000 in the receivables of secunet Security
Networks AG with the Czech subsidiary. In the interests of providing
transparent, comprehensive and up-to-date information for all recipients of
the Financial Statements, the Supervisory Board and Management Board of
secunet Security Networks AG decided immediately to correct the 2009 Annual
and Consolidated Financial Statements of secunet Security Networks AG and
to produce a corrected and updated version of the 2009 Annual Report. At
its meeting of 14 July 2010 the Supervisory Board approved the corrected
and updated Annual Financial Statements of secunet Security Networks AG and
the secunet Group and adopted the 2009 Annual Financial Statements of
secunet Security Networks AG.
The correction to the 2009 Annual Report resulted in the following changes
to the secunet Group's key figures: Group revenue increased by 26% from
Euro 50.7m in financial year 2008 (before correction: Euro 52.1m) to Euro
64.0m in 2009 (before correction: Euro 66.2m). Earnings before interest and
tax (EBIT) rose by 136% from Euro 1.7m in 2008 (before correction: Euro
1.9m) to Euro 3.9m (before correction: Euro 4.4m). The net income of the
secunet Group increased from Euro 1.6m in 2008 (before correction: Euro
2.2m) to Euro 2.4m last year (before correction: Euro 2.9m). Earnings per
share rose accordingly from Euro 0.24 in 2008 to Euro 0.37 in 2009 (before
correction: Euro 0.27/0.45). The order book at the end of the year remained
unchanged at Euro 30.3m.
'As things stand we can rule out any further need for correction in the
future,' concluded Dr Rainer Baumgart, Chairman of the Management Board of
secunet Security Networks AG. 'Moreover, the need for correction at our
Czech subsidiary has had no notable negative impact on the group's revenue
and earnings plans for financial year 2010, nor on its longer-term
prospects.'
secunet published the interim report as at 31 March 2010 at the same time
as the corrected and updated 2009 Annual Report. Group revenue was up 19%
year-on-year in the first three months of 2010, rising from Euro 11.2m to
Euro 13.3m. The main contributor to the increase in revenue was the High
Security business unit, which sells the SINA product line.
With expense items increasing only moderately and at a disproportionately
low rate compared to the rise in revenue, earnings before interest and tax
(EBIT) for the first three months of the current financial year were
significantly better than for the corresponding prior-year period. After
posting a figure of Euro -0.2m in the first quarter of 2009, the secunet
Group achieved a positive EBIT of Euro 0.1m in the first quarter of this
year. The result for the period improved from a loss of Euro 0.2m in the
first quarter of 2009 to a profit of Euro 0.2m in the first quarter of
2010, with earnings per share rising accordingly from Euro -0.03 in the
previous year to Euro 0.03 in the first three months of 2010.
The company's cash flow from operating activities improved by Euro 4.2m,
increasing from Euro -6.5m in the first quarter of 2009 to Euro 2.3m in
the first quarter of the current financial year.
The company's order book remained very high at 31 March 2010 at Euro 25.9m.
The figure for the previous year was Euro 30.3m; the fall of 15% is due to
the large projects that are currently in progress.
In view of the good start to 2010 and the high volume of orders, the
Management Board has reaffirmed its forecast, originally published in
March, for the current year. The positive influences of a growing market
continue to be tempered by the uncertainty surrounding the debate over
budget consolidation and the long-term consequences of the economic and
financial crisis. The company's Management Board therefore anticipates
stable revenue and no change in earnings before interest and tax for 2010
as a whole.
About secunet
secunet is one of Germany's leading providers of superior IT security. In
close dialogue with its customers - enterprises, public authorities and
international organisations - secunet develops and implements
high-performance products and state-of-the-art IT security solutions. Thus,
secunet not only keeps IT infrastructures secure for its customers, but
also achieves intelligent process optimisation and creates sustainable
added value.
At secunet, more than 270 experts focus on issues such as cryptography
(SINA), e-government, business security and automotive security aiming
always to be one step ahead of competitors in terms of quality and
technology. secunet emphasises on long-term relationships with its
customers in an atmosphere based on partnership, as demonstrated by our
successful security relationship with the Federal Republic of Germany which
has been active since 2004.
Additional data is available from www.secunet.com
Dr. Kay Rathke / Director Corporate Communications
Patrick Franitza / Press Relations Officer
secunet Security Networks AG
Kronprinzenstrasse 30
45128 Essen/Germany
Phone +49 201 54 54-1234
Fax +49 201 54 54-1235
E-mail: presse@secunet.com
http://www.secunet.com
16.07.2010 08:02 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: secunet Security Networks AG
Kronprinzenstrasse 30
45128 Essen
Deutschland
Phone: +49 (0)201 - 5454 - 1234
Fax: +49 (0)201 - 5454 - 1235
E-mail: investor.relations@secunet.com
Internet: www.secunet.com
ISIN: DE0007276503
WKN: 727650
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: secunet AG: Corrected and updated 2009 Annual Report and 3-Month Report 2010
| Source: EQS Group AG